CJ E&M Corporation Invests $20.6 Million In New K-Pop Group Boys 24

South Korean entertainment and media contents company CJ E&M Corporation will be investing around $2.6 million (25 billion won) over the next three years to launch a mega K-pop project. 

Korea Herald reported Sunday that the company will introduce a new boy band called Boys 24, and the team is expected to stage year-round performances at a permanent venue. 

According to reports, Boys 24 will be composed of 24 male performers who went through auditions and trainings. These male performers will stage live performances throughout the year at a specific venue, as per CJ E&M.

The entertainment company added that the group will mix K-pop, acrobatics and musicals to their performances to present a fresh new take onK-pop. 

CJ E&M will collaborate with Live Works Company for the mega K-pop project.

Reports revealed that the show is slated to be launched in August at the Mesa Building Pop Con Hall located in Myeongdong, a top tourist and shopping destination in South Korea.

Meanwhile, CJ E&M Music Business Unit's Ahn Suk Joon said Boys 24 is more than just the typical Korean male boy band set-up.

"Boys 24 isn′t just a male idol group, we are building a new business model that brings entertainment and the tourism industry together by producing content that integrates K-Pop and performances," Ahn said, as noted by Officially Kmusic Sunday. "We will do our best to establish CJ E&M′s 25 billion won grand-scale project Boys 24 as a new kind of hallyu (Korean wave) content that leads our country′s culture industry."

Further reports revealed that the 24 male performers may pursue their individual careers with the full support of both agencies.

In addition to this, Shinsegae DF is developing the Mesa Pop Con Hall, which will be utilized as the permanent venue for the Boys 24 project. Said modification is covered by the memorandum of understanding (MOU) signed by the two parties in October.